Latest news with #LGD
Time of India
5 days ago
- Climate
- Time of India
Drought-like situation in 14 dists after large rain deficit
1 2 Guwahati: A preliminary impact assessment of the prevailing drought-like conditions by state govt revealed that 14 districts are experiencing a large deficit in rainfall, while 13 districts fall under the deficit category. State chief secretary (CS) Ravi Kota, while holding a monthly review meeting with all the district commissioners (DCs), instructed them to identify and demarcate impacted areas and initiate the process of drought declaration accordingly. "These declarations must be based on LGD (local govt directory) code-linked revenue villages to ensure accuracy and consistency," he said. The CS directed the agriculture department to assist this process by submitting gram panchayat-wise data to each district for necessary action. To provide immediate relief, the irrigation department, working in coordination with the panchayat & rural development (P&RD) department and agriculture department, was instructed to mobilise pumps for deployment in affected areas. "A district-wise mapping of all available pumps has already been completed. Additionally, dysfunctional tube wells will be revived where required to address irrigation demands," he added. For effective outreach to farmers, the P&RD was tasked with disseminating IMD forecasts and sowing advisories through circle officers, block development officers, and panchayat-level officials. "This will enable farmers to make informed decisions during this critical period. The feasibility of using Amrit Sarovars as an alternative irrigation source was also discussed and may be explored where viable," the CS said. In terms of relief and compensation, admissible assistance under relevant SDRF guidelines was also reviewed by the CS during the meeting on Saturday evening. He instructed the DCs to conduct proper estimations of crop loss within their respective jurisdictions. He added that the office of the relief commissioner and secretaries from the chief minister's office will provide necessary support and guidance to facilitate prompt and appropriate action at the district level. According to the IMD report, Bajali, Baksa, Bapeta, Bongaigaon, Chirang, Darrang, Dhemaji, Dhubri, Kamrup, Kamrup (Metro), Nalbari, South Salmara, and Tamulpur districts reported a large deficit in rainfall as of Sunday.
CNBC
15-07-2025
- Business
- CNBC
Central banks are increasingly buying gold from local mines as prices surge
Central banks are increasingly looking to bolster their gold reserves. And they are turning to mines in their backyard to source the yellow metal. Besides being cheaper, securing gold directly from mines helps support local industry and bolsters reserves without weighing on foreign exchange reserves, experts said. While countries such as the Philippines and Ecuador have been doing this for years, more central banks with access to domestic gold mines have started, increased, or are considering direct local purchases, according to the World Gold Council. Nineteen out of 36 respondents in the World Gold Council's latest central bank survey said they are buying gold directly from domestic artisanal and small-scale gold miners in local currency. Four are thinking of following suit. This is a slightly higher figure than last year's survey, when around 14 central banks out of 57 said they were buying directly from domestic sources. "One trend that we're seeing is that some central banks, especially in Africa, Latin America, are starting to buy gold directly from domestic, small-scale gold mines, which have really proliferated because of the higher price," said Shaokai Fan, global head of central Banks at WGC. Central banks of Colombia, Tanzania, Ghana, Zambia, Mongolia and the Philippines are relying on domestically mined gold to build up reserves, according to the industry body. Ghana Gold Board — the state agency managing gold purchases on behalf of the Bank of Ghana — in April secured agreements with several mining companies to buy 20% of their gold output, Reuters reported. Last September, Tanzania's mining authority reportedly mandated that all gold exporters, including miners and traders, put aside at least 20% of their output to sell to the central bank. "You can make an argument that it's cheaper than buying gold on the international market, because a lot of these central banks buy gold at a slight discount to the international price," Fan said. Traditionally, central banks acquire gold through the global over-the-counter market — typically centered in London — where gold is transacted via major bullion banks, priced in U.S. dollars, euros, or sterling. These purchases often involve high-purity London Good Delivery or LGD bars, which meet global trading standards and are stored in top-tier vaults such as those at the Bank of England. Because of gold's soaring prices and its attractiveness as a hedge against geopolitical risks, it is natural that the central banks of producer nations would turn to domestic output, said Adrian Ash, director of research at gold investment firm BullionVault. Gold prices have been on a tear, scaling fresh highs amid geopolitical uncertainties and waning confidence in other traditional safe havens. Spot gold prices are currently trading at $3,328.3 per ounce, up almost 27% year to date, data from LSEG showed. Buying domestic mine output saves on banking and intermediary fees, as well as shipping costs. However, countries need to pay for processing and refining the metal to LGD standard — the de facto international benchmark for large gold bullion. These processes need to be done overseas if the country doesn't have domestic LGD refining, which will add costs, Ash said. Central banks that buy gold bars from local mines and have domestic LGD refining capacity, nullify those additional costs. The Philippines' central bank, for instance, is a certified LGD refiner. Kazakhstan has two refiners accredited by the London Bullion Market Association. Russia had seven until they were suspended in 2022 after the country invaded Ukraine. Others such as Ghana and Zambia might need to rely on external refiners, offsetting part of the upfront savings. Another compelling driver for buying domestic gold is monetary flexibility. Purchasing gold through the international market often requires dollars — a reserve asset. That means central banks must swap one reserve for another. But that won't be the case if they use local currencies to buy gold from their own backyard. "You're able to grow your reserves using local currency and therefore not sacrifice another reserve asset to grow your gold reserves," said WGC's Fan. With rising global debt levels, trade and geopolitical risks on the cards, central banks want to strengthen their reserve buffers to shield against sudden financial shocks. Holding more reserves — in multiple forms — provides ammunition to manage potential crises. Out of the 73 central banks surveyed by the WGC, around 95% said they expect peers across the world to raise gold reserves over the next year. In the past, if these central banks wanted to buy gold, they would probably just purchase it on the international market, Fan explained. "But if you have local gold production in your country, a lot of central banks are thinking, well, maybe we can use this local gold production instead and add the reserves this way," he added. Providing support for domestic mining sectors and respective local communities are also key drivers for central banks purchases via local mines. Demand for gold in some countries is too small, and central banks are incentivized to support mining operations in the country, which in turn generates jobs, said Nicky Shiels, head of research and metals strategy at MKS PAMP. Shiels, however, noted that purchasing gold via local mines comes with risks. Central bank purchases through international markets often via leading bullion banks offer greater trust and minimize reputational risks for central banks, she said. Much of the gold being bought domestically comes from artisanal and small-scale gold mining — ASGM has been linked with poor labor practices, environmental damage, and illegal smuggling. But it can also be argued that central banks, with their institutional credibility and financial weight, are in a good position to formalize and clean up that supply chain, said WGC's Fan. "Central banks can harness their massive buying power to do good for these artisanal, small scale miners," he said. "Having a credible, large-scale buyer like the central bank gives small-scale miners a legal and fair outlet to sell their gold," said Fan. "That not only diverts flows away from criminal networks but also improves traceability and accountability." "That's exactly how we describe it as — a win-win."
Hans India
06-07-2025
- General
- Hans India
District-Level Training Held for Water Resources Census: Emphasis on Accurate, Paperless Data Collection
Gadwal: Chief Planning Officer Yoganand emphasized that precise and unbiased data collection is essential for effective government policy-making. He instructed officials to ensure that every detail is recorded comprehensively and impartially. Speaking at the district-level training program held on Saturday at the IDOC Video Conference Hall, Yoganand addressed officials as part of the 7th Minor Water Resources Census and the 2nd Water Bodies Census for the agricultural year 2023–2024. He highlighted the importance of these censuses, stating that collecting detailed information on groundwater sources, surface water bodies, ponds, tanks, check dams, dug wells, and other minor irrigation sources in villages would provide a holistic perspective on rural water security. The 2023–24 census stands out for a significant advancement—for the first time, data will be recorded through a 'Mobile App'-based, paperless system, using LGD (Local Government Directory) codes for every village. Yoganand further informed that the census of dug wells will be conducted with the assistance of the Groundwater Department, while the enumeration of medium and major irrigation sources will be carried out under the supervision of the Irrigation Department. Detailed training was provided on schedule filling procedures, technical guidelines, data accuracy, and timely reporting to ensure a smooth enumeration process. Officials from the District Irrigation Department and Groundwater Department attended the program and shared key instructions and suggestions. They emphasized that the training sessions were designed to give clear understanding and guidance to all participants involved in the census. The Chief Planning Officer and associated officials called on all staff to ensure that the data collected meets the quality and accuracy expected by the government. Participants of the training included planning and statistical officers from all mandals, sub-statistical officers, and other relevant field functionaries. This initiative is expected to play a pivotal role in understanding local water resources and contribute meaningfully to water security and sustainable irrigation planning across rural Telangana.
Time of India
27-06-2025
- Business
- Time of India
Indian cut & polished diamonds exports to decline by 7%-10% in FY26: ICRA
Rating agency ICRA expects the Indian cut & polished diamonds (CPD) exports to further decline by 7-10% in FY2026 on a YoY basis to about $12 billion, after witnessing 20-year low exports in FY2025. This is largely attributable to pressure on demand in the US, exacerbated by uncertainties surrounding the imposition of US tariffs. ICRA has thus maintained its sector outlook at Negative. In FY2025, CPD exports from India contracted by 17% to $13 billion, led by worsened global macroeconomic conditions and increasing competition from lab-grown diamonds (LGD) and fancy-coloured diamonds (FCD). Driven by a shift in consumer preferences for comparatively inexpensive diamonds and their perception of LGD's ethical sourcing, these diamonds have gained momentum, with their market share increasing to 8% of polished diamond exports in FY2025 vis-à-vis 1% in FY2019. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Cardiologist Reveals: The Simple Morning Habit for a Flatter Belly After 50! Lulutox Undo While the prices of rough diamonds declined by 8% in FY2025 as miners implemented price cuts to boost demand, any considerable correction in rough prices in the near term is unlikely. Miners are expected to curtail their production output in FY2026; controlled supply shall keep rough prices at their current level. Polished diamond prices dropped to an all-time low in H2 FY2025, as demand remained tepid, resulting in the polished diamond prices in FY2025 declining by 7% YoY, after a 17% YoY fall in FY2024. Live Events Q1 is generally a slow quarter for the industry, which, coupled with the evolving tariff situation, is expected to result in range-bound polished prices in H1 FY2026. In FY2025, the operating profit margin (OPM) of ICRA's sample set of CPD companies declined by around 400 basis points to 4%, led by negative operating leverage. ICRA expects the OPM for entities in its sample set of companies to decline further to 3.6-3.7% in FY2026, as the extent of passing on the price increases led by US tariff imposition remains limited in the backdrop of restrained demand. The credit profile of Indian CPD players is likely to remain subdued in FY2026 amid reduced earnings and a stretched working capital cycle. Going forward, inventory management will remain critical from the credit perspective.
Time of India
27-06-2025
- Business
- Time of India
GIA discontinues 4Cs certification for lab-grown diamonds
The world's foremost authority on gemology and the world diamond certification body The Gemological Institute of America (GIA) has said it will discontinue giving certificates to consumers for lab-grown diamond (LGD) jewellery as they have decided to do away with the classification of LGDs based on colour, clarity, cut and carat weight – popularly known as 4Cs in the diamond trade parlance. However, the institute will continue to accept laboratory-grown diamonds for evaluation and identification. Pritesh Patel, chief operating officer of GIA, said that they will not issue any certificate to the buyers of LGD jewellery anymore. 'We provide that 4C certificate for natural diamond jewellery, but we will not extend that certification to LGDs.' GIA has offices in Mumbai and Surat – the trading and cutting, and polishing hub for diamonds, respectively. GIA invented the famous 4Cs of colour, clarity, cut and carat weight and in 1953 created the International Diamond Grading System, which is recognised around the world as the standard for diamond quality. Confirming the development, Vishwanath G, chairman of South India-based Wondr Diamonds, which sells both natural and LGDs, said, 'The GIA certification will continue for natural diamonds, but the institute will discontinue with certification for LGDs based on 4Cs. Now it will not issue that certificate.' Apart from GIA, the International Gemological Institute (IGI) issues certification for both natural and lab-grown diamonds . However, IGI is yet to reveal its certification strategy for LGDs. Earlier, GIA would issue a certificate for both natural and LGDs on the same parameters. 'Only the certificates mentioned natural or lab-grown diamonds. Otherwise, the certificates would look similar,' said a Mumbai-based diamond retailer. India produces 20 million carats of LGDs annually. 'Natural diamonds are rare, and it takes billions of years to form natural diamonds. The supply of the rock is limited. On the contrary, LGDs are man-made and can be produced at any time. Therefore, they are not comparable in any way. And consumers should not have any confusion about that,' said Susan Jacques, President & CEO of GIA. More than 95 per cent of laboratory-grown diamonds entering the market fall into a very narrow range of colour and clarity. Because of that, it is no longer relevant for GIA to describe man-made diamonds using the nomenclature created for the continuum of colour and clarity of natural diamonds, Jacques said. GIA will start using descriptive terms to characterise the quality of laboratory-grown diamonds and will no longer use the colour and clarity nomenclature that it developed for natural diamonds. The revised GIA description system for laboratory-grown diamonds will confirm that the submitted item is a laboratory-grown diamond and whether it falls into one of two categories, 'premium' or 'standard.' The categories will be defined by a combination of metrics related to colour, clarity and finish. If the man-made diamond fails to achieve the minimum standard for quality, it will not receive a designation from GIA. Until the revised descriptive system for laboratory-grown diamonds is finalised, the current GIA services for laboratory-grown diamonds will continue to be available. This change to how GIA describes the quality of laboratory-grown diamonds will help consumers understand the important differences in the two products' origin, ensuring their confidence and enabling them to make informed and educated purchase decisions, Jacques added.
